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Laura Matiz

Blog

Keeping Co-ops Competitive

10/5/2014

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With the influx of foreign buyers to the New York City market and the addition of numerous condominium developments, it has been easy to spot the lackluster performance of co-ops versus condos. Warburg Realty president, Frederick Peters, takes this issue on in his most recent blog post, "Can Co-ops Keep Up?".

Peters points out that more buyers are "opting out for the simplicity of condo purchases."  He lays out a series of recommendations that were part of a brainstorm among industry leaders. Unfortunately, he doesn't describe that forum, but the recommendations include some sensible changes. Here they are with our comments:

  • Modify summer-only renovation rules: a staple of many co-ops makes it difficult for new residents to move in quickly.
  • Make the process more flexible: especially for younger buyers who are often priced out of building with strict financial requirements that never look at a young family's potential; the downside is co-op buildings that have little to no diversity of all forms.
  • Simplify the financial disclosure requirements: these reach onerous proportions. We would add that the proper disposal of these financial records be a must. 
  • Modify trust and corporate ownership rules: especially useful for prospective buyers wishing to maintain some level of anonymity. 
  • Create time parameters: boards that string buyers along for months are really not doing their job properly. 

As anxious co-op sellers routinely watch qualified buyers opt for condos, we are pleased that an industry leader is trying to address these concerns. 
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Laura Matiz

Licensed Associate Real Estate Broker
575 Madison Avenue
New York City, NY 10022
Email: lmatiz@elliman.com
Twitter: @lmatiz
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  • Home
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